The indicator builds levels channels beginning from the line of closing of previous day, on the basis of data of previous day: dayClose+(dayHigh-dayLow)*fibo*koeff. On Monday, except the level of closing of Friday, the level of opening of Monday is in addition drawn.
mondayGAP defines how to build levels on Monday: if false — levels are drawn from closing of Friday, if true — from opening of Monday;
Days number of days for plotting, counting of today. Zero — the whole days available in the history are processed;
koeff allows to squeeze & stretch a grid of levels. I recommend to put Fibonacci’s numbers (0.34, 0.55, 0.618, 0.89, 1.44, 2.33).
MT4 Indicators – Download Instructions
FibonacciPivot is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
FibonacciPivot provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install FibonacciPivot.mq4?
- Download FibonacciPivot.mq4
- Copy FibonacciPivot.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on FibonacciPivot.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator FibonacciPivot.mq4 is available on your Chart
How to remove FibonacciPivot.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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